According to preliminary unaudited data, Medicinos bankas, a Lithuanian capital bank, earned a net profit of EUR 6.9 million in the first nine months of this year, which is twice as much as in the same period of January to September last year, when the bank’s net profit amounted to EUR 3.4 million.According to Marius Arlauskas, Chief Executive Officer of Medicinos Bankas, the demand for financing in Lithuania continued to grow this year amidst the continuing uncertainty of the economic conditions and business environment.

“Looking at our financial results for the third quarter, we notice that the rise in interest rates has not reduced the demand for funding. For the time being, the demand for funding in our country, and thus net interest income, continues to grow”, he notes. 

Over the comparison period, the net interest income of Medicinos bankas increased by 90 per cent (EUR 7.2 million) to EUR 15.2 million. Meanwhile, the Bank’s loan portfolio increased by 22.5 per cent to EUR 311.8 million in the first nine months of the year.

In the first three quarters of this year, net fee and commission income of Medicinos Bankas increased by 9.1 per cent (EUR 0.3 million) to EUR 3.9 million, while the net result from foreign currency transactions decreased by 33.3 per cent (EUR 1.3 million) to EUR 2.5 million.

At the end of September 2023, the assets of Medicinos bankas amounted to EUR 499.4 million, or 21.4 per cent more than a year earlier (EUR 411.5 million).

At the end of the third quarter of this year, the Bank’s liabilities to customers amounted to EUR 418.3 million and were 23.9 per cent higher compared to the period last year.

The shareholder equity of Medicinos bankas increased by 14.4 per cent and amounted to EUR 54.9 million on 30 September this year, compared to EUR 48.1 million on 30 September 2022.

At the end of September, Medicinos bankas, which operates the largest network of 36 territorial branches in Lithuania, employed 302 people.